MicroStrategy has authorized a Bitcoin Monetization Program that permits the company to sell up to $3.25 billion worth of Bitcoin, representing a strategic reversal that could see the firm transition from crypto's largest corporate buyer to a significant seller. The initiative aims to replenish dollar reserves by $1.25 billion, fund share buybacks of $1 billion, and service debt obligations, according to the company's announcement.
At current Bitcoin prices near $60,000, the authorized sales could amount to more than 54,000 BTC—a position that grows larger if Bitcoin depreciates, forcing MicroStrategy to liquidate proportionally more holdings to meet the dollar-denominated targets. The market already registered sharp reaction to preliminary Bitcoin sales of just 32 BTC, signaling sensitivity to MicroStrategy's disposition shifts.
The announcement has drawn scrutiny from prominent crypto skeptics, including economist Peter Schiff, who flagged the potential for market disruption as MicroStrategy—once positioned as a stalwart institutional buyer supporting Bitcoin's price floor—now holds formal authorization to reduce its once-celebrated holdings. The program underscores broader tensions between corporate cryptocurrency treasuries and shareholder capital allocation priorities, particularly as macro conditions pressure balance sheets.